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PharMerica Corporation operates as an institutional pharmacy services company in the United States. The company offers services to healthcare facilities; pharmacy management services to hospitals; specialty infusion services to patients outside hospitals; and oncology pharmacy services. It purchases, repackages, and dispenses prescription and non-prescription pharmaceuticals in accordance with physician orders and delivers such medication to healthcare facilities for administration to individual patients and residents. The company also provides hospital pharmacy management services, including hospital pharmacy operations, regulatory and financial management services, and clinical pharmacy programs, as well as offers consultant pharmacist services and medical records services. It operates 98 institutional, 14 specialty infusion, and 5 specialty oncology pharmacies in 45 states, as well as provides pharmacy management services to 89 hospitals in the United States. The company serves institutional healthcare providers, such as skilled nursing facilities, nursing centers, assisted living facilities, hospitals, individuals receiving in-home care, and other long-term alternative care settings. PharMerica Corporation was founded in 2006 and is headquartered in Louisville, Kentucky.

PharMerica Corporation announced that it has reached a voluntary settlement with the Department of Justice (DOJ) and with the Drug Enforcement Agency (DEA) related to a previously disclosed investigation into the dispensing of controlled substances at certain of the company’s pharmacies. The settlement contains no allegations or findings that controlled substances were diverted or that any patient was harmed. Under the terms of the Settlement Agreement, PharMerica has agreed to pay $31.5 million to the federal government. The company is fully reserved for that amount. As part of the settlement, PharMerica voluntarily entered into a three-year Memorandum of Agreement (MOA) with the DEA and a five-year Corporate Integrity Agreement (CIA) with the Office of the Inspector General (OIG). The company changed its operating policies in 2010 to enhance procedures related to the dispensing of controlled substances. The MOA and the CIA will further enhance PharMerica’s long-standing compliance programs.

PharMerica Corporation Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Second Quarter and Full Year of Fiscal 2015

May 7 15

PharMerica Corporation reported unaudited consolidated financial results for the first quarter ended March 31, 2015. For the quarter, the company reported revenues of USD 511.6 million against USD 452.2 million a year ago. Operating income was USD 16.8 million against USD 10.3 million a year ago. Income before income taxes was USD 15.4 million against USD 7.8 million a year ago. Net income was USD 9.6 million against USD 4.8 million a year ago. Diluted net income per share was USD 0.31 against USD 0.16 a year ago. Net cash provided by operating activities was USD 44.3 million against USD 4.4 million a year ago. Purchase of equipment and leasehold improvements was USD 4.6 million against USD 6.0 million a year ago. Adjusted EBITDA was USD 37.4 million against USD 29.7 million a year ago. Adjusted diluted earnings per share were USD 0.48 against USD 0.37 a year ago. The increase in revenue was driven by 2014 acquisitions, growth in both specialty oncology and specialty infusion, and branded drug inflation. The increase in cash from operating activities was due primarily to the USD 50.0 million in ABDC drug purchase payments withheld, the corporation’s inventory purchasing strategy, and an increase in net income which were partially offset by an increase in ABDC rebates receivable.
The company reaffirmed earnings guidance for the year 2015. For the year, the company expects revenue in the range of USD 1.950 billion to USD 2.050 billion; adjusted diluted earnings per share in the range of USD 1.55 to USD 1.65; and adjusted EBITDA in the range of USD 137 million to USD 142 million.
For the second quarter of 2015, the company expects revenue in the range of USD 465 million to USD 495 million, adjusted diluted earnings per share in the range of USD 0.30 to USD 0.34 and adjusted EBITDA in the range of USD 30 million to USD 32 million.

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